Australia spared in Citi job cuts

Citigroup’s Australian operations will be largely unaffected by a decision to cut 11,000 jobs globally in an effort to save costs, sources within the bank said.

The losses, announced from New York on Wednesday, will see 1900 jobs eliminated in the institutional clients division. Another 6200 positions will be removed from the bank’s consumer banking business, along with 2600 in the operations and technology group.

There will be about 750 redundancies in Asia, mostly in Hong Kong and South Korea.

It is understood job cuts in Australia will be limited to “a handful".

A Citi spokesman said the news would not change anything about the bank’s products and services or commitment to the Australian market.

“We will continue to invest in Australia," he said.

“We constantly review our business to make sure it reflects the market conditions."